Segments in this Video

The Tyranny of Evidence: Introduction (04:13)

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Green Party politician Rupert Read discusses his view of evidence-based actions in the political and financial sectors; overvaluation of evidence negatively impacted society. He and author Nassim Nicholas Taleb collaborate to create a better system based on precaution.

What is the Precautionary Principle? (08:26)

In areas with high stakes such as the financial market or the environment, Read argues there is a lack of knowledge and the decisions made should not be based on evidence from the past. People shape society rather than the reverse, and human action is unpredictable.

Creation of Society (03:21)

Goodhart’s law states if the money supply is defined then it ceases to be; Read uses this economic law to further explain how people create society. Read tells a story about Louis Armstrong and jazz. The human response to an attempt to be understood is to evade understanding.

Precautionary Political Principles (06:35)

Read believes more safe and effective systems can be built by policymakers; risky actions, particularly in finance, should never be taken. Referencing the Fukushima disaster, Read emphasizes that nonlinear circumstances carry the risk of ruin; overregulation is not part of the precautionary principle.

Future of Finance (02:51)

Read states crises cannot be avoided with evidence-based policies and profits should not be maximized at the expense of market safety. He asserts the government should not attempt to predict or entirely control the financial market. Evidence-based decisions are gambling with the future.